Winter tends to be the time of year we take time off from our busy schedules and slow down, the hustle of summer has subsided and we can take a breath to prepare for the colder months. This is a good time to consider winterizing your home, arranging travel reservations for the upcoming holiday, or establish the family meetings. Most people do not think about buying a home in the winter, but the numbers don’t lie , winter is the best time to buy.
Home prices are more stable (lower)
The winter months bring less demand for real estate, when there is less demand you have lower prices. A national average of sales prices show that homes sold for 8.45% less in January – February, as they did in June – August. That’s a considerable savings.
Home sales dropped by almost 50% in the winter months, but inventory only drops by about 20%. That means that houses are on the market but people are not buying them as frequently as the summer months. This creates a favorable market for home buyers.
Higher mortgage rates mean higher payments. As time goes on, mortgage rates increase. On an average $175,000 – $200,000 home purchase you will pay more for your home with a higher interest rate of just .25%, than if you over paid by up to $10,000. With home prices remaining low in the winter and interest rates doing the same, it creates a perfect storm of buying.
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